Cullen Frost Bankers Inc. Sells 72,881 Shares of Newmont Corporation $NEM

Cullen Frost Bankers Inc. lowered its stake in shares of Newmont Corporation (NYSE:NEM) by 31.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 160,029 shares of the basic materials company’s stock after selling 72,881 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Newmont were worth $9,323,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC grew its position in Newmont by 59.6% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after buying an additional 5,848 shares during the period. Generate Investment Management Ltd boosted its position in Newmont by 25.9% during the second quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares during the period. Bessemer Group Inc. boosted its position in Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock worth $569,000 after purchasing an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in Newmont during the first quarter worth about $423,000. Finally, Cypress Capital Group boosted its position in Newmont by 6.5% during the second quarter. Cypress Capital Group now owns 48,549 shares of the basic materials company’s stock worth $2,828,000 after purchasing an additional 2,959 shares during the period. Institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research reports. Stifel Nicolaus initiated coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 target price for the company. Royal Bank Of Canada upgraded shares of Newmont from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $66.00 to $95.00 in a research report on Wednesday, September 10th. Raymond James Financial set a $96.00 target price on shares of Newmont in a research report on Friday, October 10th. Macquarie downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Finally, Scotiabank increased their price target on shares of Newmont from $69.00 to $72.00 and gave the stock a “sector perform” rating in a report on Monday, July 28th. Five equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.59.

Newmont Trading Up 0.7%

Shares of Newmont stock opened at $86.92 on Thursday. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58. The company has a market cap of $95.48 billion, a price-to-earnings ratio of 15.61, a PEG ratio of 0.59 and a beta of 0.34. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company’s 50-day moving average price is $80.48 and its 200-day moving average price is $64.85.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period last year, the firm posted $0.72 earnings per share. On average, equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company’s stock, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock valued at $1,132,065 over the last three months. 0.05% of the stock is owned by corporate insiders.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.